Sierra Peaks Corporation acquired the assets of IntriCon Tibbetts Corporation from Intricon Corp. for $0.88 million.

Sierra Peaks Corporation acquired the assets of IntriCon Tibbetts Corporation from Intricon Corp. (NasdaqGM:IIN) for $0.88 million on January 1, 2014. Sierra Peaks Corporation paid $0.5 million cash at closing for the assets and assumed certain operating liabilities of the businesses, subject to a working capital adjustment.

In addition, the asset purchase agreement provides for earn-out payments of up to a maximum total of $0.38 million if certain revenue targets are met. Matt Sullivan of PadillaCRT acted PR advisor to Intricon Corp.